The money raised will be used to buy back DE Shaw stake in DLF Assets ad also to invest in DLF Assets. Promoters of the country’s largest real estate firm DLF Ltd have sold shares worth Rs 3,860 crore ($780 million) representing 9.9% to
institutional investors in the open market. The funds raised will be pumped into another privately held realty firm DLF Assets Ltd (DAL), which owes
the public listed firm around Rs 4,900 crore ($1 billion). DLF Assets purchases commercial properties from DLF and leases them out.
The transaction was done at a price of Rs 230 per share, a discount of 2.6% to the previous day's closing price. It was executed by Deutsche Bank and JP Morgan. More importantly, this could boost the share price as the free float has gone up from 11.4% to 21.3% which would bring in new investors in the company.
After this transaction promoters holding will go down from 88.6% to 78.7%. DLF, Vice
Chairman, Rajiv Singh, has said that the promoters are not looking to dilute any more holding in the near future.
Details of who were the buyers in the deal is not available yet but large existing institutional shareholders of DLF-- Capital International Fund, HSBC Holdings and Fidelity were among those who picked the stake.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment